RPC chairman Jamie Pike said: “The board believes that the offer recognises the quality of RPC’s businesses and the strength of their future prospects.

“In July I stated that differing investor views on the appropriate level of gearing was constraining the group’s ability to pursue opportunities for growth and, as such, putting pressure on RPC’s valuation.

“I also said that the board was working to resolve this situation. Today’s announcement is the culmination of that process. The board believes that the offer of £7.82 per share is a good outcome for shareholders and intends to recommend unanimously that they accept this offer.”

In addition, the firm said that it accepted Apollo’s offer in light of risks to the business posed by the “current political and macro-economic environment”.

RPC said that the deal maximises the possibility of shareholder value being achieved.